There are over 82 million homes with a garage in the U.S. They consume nearly 1,000 square feet of a home's livable space and are often an unavoidable focal point in the front of the house. While these car ports seem to be central to the American home, a recent Forbes article claims they may obsolete by the time today's buyers pay off their 30-year mortgages.
The driverless car will not only revolutionize the auto industry but real estate as well. Autonomous or self-driving cars, according to some speculators, will eliminate the need for the average person to own a vehicle. Driverless ride-sharing cars will be responsible for commuting to work, going to the grocery store and taking long-distance road trips.
With cars driving themselves and readily available 24-hours a day, the importance of the home garage will diminish which may lead some to wonder what they might do with all that extra square footage in their home.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.5 percent, 15-year rates are near 4.0 percent and the 5-year ARM is averaging 4.0 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.